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Digital music provider Artlist raises US$48 million led by KKR

JERUSALEM: Israel's Artlist, a provider of royalty free digital music, said on Monday it raised US$48 million in a private funding round led by investment firm KKR.

Existing investor Elephant Partners also joined in the round. Artlist said the funds will be used to expand its digital stock offerings to meet demand by a growing number of YouTube and other content creators.

Artlist, which has licensed more than 20 million digital assets over the past four years, said it would add tens of thousands of new and original assets to its platforms.

Ira Belsky, Artlist's co-CEO, said the company would look to expand into new categories organically and through acquisitions.

Artlist builds and maintains a catalogue of creative digital assets including stock music and sound effects that creative industry producers can use on a subscription basis in videos, games and music without worrying about copyrights.

(Reporting by Steven Scheer; Editing by Tova Cohen)

Source: Reuters